Update re TSHII

RNS Number : 2593L

TomCo Energy PLC

30 December 2022

 

30 December 2022

TOMCO ENERGY PLC

("TomCo" or the "Company")

Update re TSHII

TomCo Energy plc (AIM: TOM), the US operating oil development group focused on using innovative technology to unlock unconventional hydrocarbon resources, is pleased to provide an update with respect to the Company's 100% owned subsidiary, Greenfield Energy LLC's ("Greenfield"), potential acquisition of the remaining ownership and membership rights and interests in Tar Sands Holdings II LLC ("TSHII") (the "Membership Interests").  As previously announced, Greenfield owns a 10% Membership Interest in TSHII and holds an exclusive option (the "Option"), exercisable at its sole discretion, to acquire the remaining 90% of the Membership interests for additional cash consideration of US$16.25 million up to 31 December 2022 (the "Agreement").

The Agreement has now been varied in order to extend the exercise period of the Option.  Accordingly, Greenfield may now exercise the Option, at its sole discretion, by delivering a notice of exercise on or before 28 February 2023 and making payment of the US$16.25 million cash consideration by no later than 3 March 2023.

There can be no certainty that the required funding can be secured to complete the acquisition of the remaining 90% of the Membership Interests and further announcements will be made as and when appropriate.

Enquiries :

TomCo Energy plc

Malcolm Groat (Chairman) / John Potter (CEO)                       [phone]

Strand Hanson Limited (Nominated Adviser)

James Harris / Matthew Chandler                                               [phone]

Novum Securities Limited (Broker)

Jon Belliss / Colin Rowbury                                                           [phone]

IFC Advisory Limited (Financial PR)

Tim Metcalfe / Florence Chandler                                                [phone]

For further information, please visit  www.tomcoenergy.com .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

END

 

 

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